Delhivery Q4 FY26 results: Revenue up 30%, profit flat

Key takeaway from the March-quarter print

Delhivery reported its Q4 FY26 results on May 16, showing a sharp rise in revenue but limited movement in profit. Revenue from operations grew 30% year-on-year to Rs 2,850 crore in the quarter ended March 2026. Net profit was broadly flat versus last year at around Rs 72-73 crore, based on figures cited across the company’s updates and summaries. The quarter followed a loss in the previous quarter, making the swing in bottom line a key part of the narrative. Costs also climbed materially, keeping the focus on operating discipline and margins. For investors, the mix of fast top-line growth, higher expenses, and steady profit highlights the trade-offs in scaling logistics networks. The company also pointed to technology initiatives, including AI-powered systems, alongside volume-led growth.

What Delhivery reported for Q4 FY26

For Q4 FY26, Delhivery’s net profit was reported at Rs 73.4 crore in one disclosure summary, compared with Rs 72.6 crore a year earlier. Separately, an exchange-referenced board outcome stated net profit of Rs 72.40 crore for the quarter, and the shareholder letter summary also referenced consolidated PAT of about Rs 72 crore. Revenue from operations was reported at Rs 2,850 crore, up from Rs 2,191.6 crore in Q4 of the prior year. On a sequential basis, revenue increased from Rs 2,805 crore in Q3 FY26. The company’s total expenses rose 27% year-on-year to Rs 2,853.1 crore, versus Rs 2,248.7 crore in the year-ago quarter. Expenses were also higher than the preceding quarter’s Rs 2,820 crore, reflecting cost intensity as volumes increased.

Sequential trend: a profit after a Q3 loss

The March quarter followed a loss of Rs 39.6 crore in the preceding quarter. That change in quarterly profitability matters because it highlights the volatility that can emerge from network costs, demand patterns, and operating leverage in logistics. While revenue growth continued quarter-on-quarter, expenses remained elevated, nearly matching revenue in absolute terms in Q4 FY26. The quarter’s outcome suggests that profitability was supported by factors beyond just revenue growth, although the company’s release primarily emphasised volume and margin-related drivers at the annual level. The reported results also indicate that Delhivery stayed profitable in Q4 even with a significant year-on-year cost build-up. The market will typically watch whether revenue momentum can be sustained without proportional increases in operating costs.

Full-year FY26: profit down, revenue up

For FY26, Delhivery reported profit of Rs 152.5 crore, down almost 6% from Rs 162.1 crore in FY25. At the same time, revenue for the full year rose almost 18% to Rs 10,508.3 crore from Rs 8,931.9 crore in the previous fiscal. The mix points to growth continuing at the top line, but with net profitability not expanding in tandem year-on-year. The company also cited EBITDA improvement and cash flow progress during the year, which often matters for logistics businesses due to working capital cycles and network investments. A key change highlighted by Delhivery was that FY26 turned free cash flow positive, supported by shipment volumes, margin expansion and lower capital intensity.

EBITDA and margins: improvement at the operating level

Delhivery reported EBITDA of Rs 764 crore in FY26, with margins expanding to 7.3%. This compared with Rs 380 crore reported in FY25, implying a near-doubling of EBITDA in absolute terms as stated in the earnings release. The margin expansion, as described by the company, suggests improved operating performance even though annual profit after tax declined from FY25 to FY26. For investors, this split between EBITDA growth and PAT decline typically leads to closer scrutiny of depreciation, finance costs, tax, and other line items. However, only the EBITDA figure and margin were specified in the provided release extracts. The company’s commentary linked operating improvements to volume growth and better margins.

Cash flow turns positive; cash balance remains strong

A major milestone in FY26 was free cash flow (FCF) turning positive. Delhivery reported Rs 89 crore in free cash flow for the year, attributing it to higher shipment volumes, margin expansion and lower capital intensity. In logistics, positive free cash flow can be an important signal because it suggests the network can scale without consuming incremental capital at the same rate. As of March 2026, Delhivery reported cash and cash equivalents of Rs 4,555 crore on its balance sheet. This cash position can provide flexibility for investments, technology upgrades, and resilience during demand swings. The balance sheet figure was explicitly stated in the results summary.

Technology and operations: AI-powered systems mentioned

Alongside the financial numbers, Delhivery referenced operational momentum in express parcel volumes and said it introduced AI-powered systems. The update did not provide a specific percentage or unit volume number in the provided text, but it framed technology as a lever to support scale and efficiency. For logistics providers, AI-driven planning and routing tools can influence cost per shipment, service levels, and asset utilisation over time. Investors generally track such initiatives when they are paired with measurable productivity gains, margin movement, or cash flow improvement. In Delhivery’s case, the reported margin expansion and move to positive free cash flow in FY26 formed the broader operating context.

What the board and audit note said

Delhivery’s exchange-referenced board outcome stated that the board approved Q4 FY26 consolidated revenue of Rs 2,850.00 crore and net profit of Rs 72.40 crore. It also disclosed full-year FY26 consolidated revenue of Rs 10,508.31 crore with net profit of Rs 152.54 crore. The filing also referenced an unmodified audit opinion from Deloitte Haskins & Sells. Separately, the shareholder communication summary repeated the Q4 revenue at about Rs 2,848 crore and consolidated PAT at about Rs 72 crore, and reiterated free cash flow positivity for FY26. These filings are typically important because they anchor the officially approved financial numbers.

Financial highlights table

Market impact: what the numbers imply

The headline contrast in Q4 FY26 was revenue growth of 30% year-on-year against a largely unchanged profit number. Total expenses rising 27% year-on-year indicates that cost pressures or scale-related spending absorbed much of the revenue upside in the quarter. At the same time, the annual EBITDA increase and margin expansion to 7.3% suggest that operating profitability improved across the year. The swing from a Q3 loss to a Q4 profit also highlights the importance of quarter-to-quarter execution in a network business. FY26’s positive free cash flow of Rs 89 crore is another data point investors may track, particularly because logistics businesses can be capital and working-capital intensive. The reported cash balance of Rs 4,555 crore provides a cushion, but the results also show that higher costs remain a key variable as volumes grow.

Analysis: why this quarter matters

Delhivery’s Q4 FY26 results underline that strong revenue growth does not automatically translate into higher net profit in logistics. Expenses rose almost in line with revenue, keeping PAT flat even with a 30% top-line jump. Over the full year, revenue growth of nearly 18% coincided with a roughly 6% decline in profit, reinforcing the need to track unit economics and cost discipline. The positive signals were at the operating and cash-flow level: EBITDA nearly doubled year-on-year to Rs 764 crore and free cash flow turned positive at Rs 89 crore. The company’s mention of AI-powered systems fits into this operating-efficiency focus, although the provided text did not quantify the direct financial impact. The exchange filing and unmodified audit opinion provide formal confirmation of the consolidated figures approved by the board.

Conclusion

Delhivery closed Q4 FY26 with revenue rising 30% year-on-year to Rs 2,850 crore, while profit stayed near last year’s level at about Rs 72-73 crore amid higher expenses. For FY26, the company posted revenue of Rs 10,508.3 crore and profit of about Rs 152.5 crore, alongside improved EBITDA and positive free cash flow. The results place attention on how efficiently Delhivery converts volume growth into net earnings, especially when costs rise with scale. The company also highlighted technology initiatives and stronger volumes as part of its operating context. The next set of quarterly disclosures will be important to confirm whether margin expansion and free cash flow positivity can be sustained.